BridgeBio Pharma (NASDAQ:BBIO) Price Target Raised to $91.00

Key Points

• Morgan Stanley raised its price target for BridgeBio Pharma from $88 to $91 and maintained an “overweight” rating, implying 15.7% upside from the stock’s then-current price.
• Analyst sentiment is broadly positive: 19 analysts rate BBIO a Buy, two Hold, and one Sell; the average price target is $104.42, with a “Moderate Buy” consensus rating.
• BridgeBio beat quarterly estimates, reporting an adjusted loss of $0.42 per share versus the $0.54 expected and revenue of $353.17 million versus $293.47 million expected; revenue rose 192.6% year over year.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) had its target price raised by investment analysts at Morgan Stanley from $88.00 to $91.00 in a note issued to investors on Friday, Benzinga reports. The firm currently has an "overweight" rating on the stock. Morgan Stanley's price target indicates a potential upside of 15.70% from the stock's current price.

A number of other brokerages also recently weighed in on BBIO. UBS Group reaffirmed a "buy" rating on shares of BridgeBio Pharma in a research note on Friday, October 30th. Cantor Fitzgerald reissued an "overweight" rating on shares of BridgeBio Pharma in a research report on Monday, October 5th. Citigroup lowered their price objective on BridgeBio Pharma from $94.00 to $91.00 and set a "neutral" rating for the company in a research note on Monday, October 19th. Bank of America raised their price target on BridgeBio Pharma from $101.00 to $104.00 and gave the company a "buy" rating in a report on Tuesday, August 11th. Finally, Weiss Ratings downgraded shares of BridgeBio Pharma from a "sell (d)" rating to a "sell (d-)" rating in a research report on Friday, September 25th. Nineteen equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, BridgeBio Pharma presently has an average rating of "Moderate Buy" and an average price target of $104.42.

BridgeBio Pharma Stock Up 0.6%

Shares of BBIO stock traded up $0.48 during mid-day trading on Friday, reaching $78.65. 385,121 shares of the company's stock traded hands, compared to its average volume of 2,899,814. The company's 50-day moving average price is $69.92 and its 200-day moving average price is $72.79. The company has a market cap of $15.32 billion, a P/E ratio of -25.84 and a beta of 0.97. BridgeBio Pharma has a 12 month low of $62.50 and a 12 month high of $93.42.

BridgeBio Pharma (NASDAQ:BBIO - Get Free Report) last issued its quarterly earnings results on Thursday, October 29th. The company reported ($0.42) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.12. The business had revenue of $353.17 million during the quarter, compared to the consensus estimate of $293.47 million. During the same quarter in the previous year, the business earned ($0.95) earnings per share. The firm's revenue was up 192.6% compared to the same quarter last year. Equities analysts predict that BridgeBio Pharma will post -2.55 earnings per share for the current year.

Insider Transactions at BridgeBio Pharma

In other BridgeBio Pharma news, CEO Neil Kumar sold 34,980 shares of the company's stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $82.53, for a total transaction of $2,886,899.40. Following the transaction, the chief executive officer owned 243,327 shares in the company, valued at approximately $20,081,777.31. This represents a 12.57% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CAO Maricel Apuli sold 2,000 shares of the firm's stock in a transaction dated Friday, October 30th. The shares were sold at an average price of $72.85, for a total transaction of $145,700.00. Following the sale, the chief accounting officer directly owned 120,687 shares in the company, valued at approximately $8,792,047.95. The trade was a 1.63% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 56,980 shares of company stock valued at $4,563,699. 14.23% of the stock is owned by insiders.

Institutional Investors Weigh In On BridgeBio Pharma

A number of large investors have recently added to or reduced their stakes in BBIO. Jupiter Topco LLC purchased a new stake in BridgeBio Pharma during the 2nd quarter valued at $1,050,762,000. Janus Henderson Group PLC grew its holdings in shares of BridgeBio Pharma by 19.8% in the first quarter. Janus Henderson Group PLC now owns 13,179,013 shares of the company's stock worth $978,608,000 after acquiring an additional 2,178,556 shares during the period. The Manufacturers Life Insurance Company bought a new stake in shares of BridgeBio Pharma in the second quarter worth $145,663,000. Pictet Asset Management Holding SA grew its holdings in shares of BridgeBio Pharma by 16.8% in the third quarter. Pictet Asset Management Holding SA now owns 1,690,829 shares of the company's stock worth $111,290,000 after acquiring an additional 242,703 shares during the period. Finally, Squarepoint Ops LLC increased its position in BridgeBio Pharma by 114.2% during the second quarter. Squarepoint Ops LLC now owns 1,191,732 shares of the company's stock valued at $88,760,000 after acquiring an additional 635,408 shares during the last quarter. Institutional investors own 99.85% of the company's stock.

BridgeBio Pharma Company Profile

BridgeBio Pharma is a biopharmaceutical company that discovers, develops and commercializes medicines for genetic diseases and cancers. Founded in 2015, the company advances programs through a network of research and development subsidiaries focused on specific conditions and therapeutic areas. Its products include Attruby (acoramidis), an FDA-approved treatment for adults with transthyretin amyloid cardiomyopathy. BridgeBio also develops a pipeline of investigational therapies aimed at diseases with well-understood genetic causes, including rare and inherited conditions.

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